Question
How much needs to be invested now to secure a regular income of $10 000 at the end of every year for 15 years, if
How much needs to be invested now to secure a regular income of $10 000 at the end of every year for 15 years, if the interest rate is 3.25% compounded annually?
A. $118 456.87
B. $116 683.94
C. $115 432.65
D. $117 248.99
E. $115 765.89
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Intermediate Financial Management
Authors: Eugene F. Brigham, Phillip R. Daves
8th Edition
0324258917, 9780324258912
